China rail giant lands 'record' $1.3b US contract

AFP, BEIJING: China's largest train manufacturer won a billion-dollar deal to supply Chicago with rolling stock, it announced yesterday, as Beijing seeks to create high-tech firms capable of competing for lucrative contracts with foreign giants.
CRRC corporation, the result of a 2014 merger between two state-owned firms and the largest train maker in the world by revenue, signed a $1.3-billion contract to manufacture 846 subway carriages for the Midwestern US city, replacing around half its fleet.
It was the biggest train supply deal any Chinese firm has sealed in a developed economy, CRRC said on its website, calling it a "breakthrough" for the country's exports of high-end equipment.
"'Made in China' trains will be landing in Chicago," it said.
The city's mayor, Rahm Emanuel, said the deal would "go down in history", the Chicago Sun-Times reported.
Beijing has long urged rail and train makers to expand overseas in order to build expertise and market share and boost the competitiveness of its national champions.

China rail giant lands record $1.3b US contract

AFP, BEIJING: Chinas largest train manufacturer won a billion-dollar deal to supply Chicago with rolling stock, it announced yesterday, as Beijing seeks to create high-tech firms capable of competing for lucrative contracts with foreign giants. CRRC corporation, the result of a 2014 merger between two state-owned firms and the largest train maker in the world by revenue, signed a $1.3-billion contract to manufacture 846 subway carriages for the Midwestern US city, replacing around half its fleet. It was the biggest train supply deal any Chinese firm has sealed in a developed economy, CRRC said on its website, calling it a breakthrough for the countrys exports of high-end equipment. Made in China trains will be landing in Chicago, it said. The citys mayor, Rahm Emanuel, said the deal would go down in history, the Chicago Sun-Times reported. Beijing has long urged rail and train makers to expand overseas in order to build expertise and market share and boost the competitiveness of its national champions.